Sales Management Definition, Process, Strategies and Resources

Sales management is the process of developing a sales force, coordinating sales operations, and implementing sales techniques that allow a business to consistently hit, and even surpass, its sales targets.

So, what is sales management?

Warning: Mastering sales management has the potential to create sales superstars…

Benefits of Sales Management:

o Gain visibility into your sales force

o Optimize your teams size

o Pinpoint weak points early

o Coach confidently

o Discover actions that drive sales

o Predict future performance

o Develop a sense of control

o Stress less, and achieve more!

Understanding how your company’s sales process is managed will help you to become more in sync with your team and achieve better sales results yourself.

Sales is so stressful…

Have you had this thought before?

What is there to manage?There are three “umbrellas” within the sales process:

• Sales operations

• Sales strategy

• Sales analysisThe best sales managers have mastered all three, and you can too!

Sales Operations: Building the teamSTEP ONE

"Alone we can do so little, together we can do so much." --Helen Keller

The sales team is the backbone of the company – the direct connection between the product and the customer.

Sales Operations: Building the team

When onboarding new talent, you must be thorough in training and developing their skills, regardless of their experience. Why?

Salespeople shouldn’t just be great sellers. They need to be great at selling your product, and become someone customers want to work with.

Sales Operations: Building the team

Each member of your sales team should be on the same page, working as individuals within a single, collaborative unit. As a manager, guide your team by:

• Setting targets• Assign territories• Establishing goals and quotas

As your team grows, make sure they are still on track, and motivate them when needed. Also, don’t forget to share your disappointments and failures, to save your team time, and give them strength in the face of adversity.

Sales Strategy:Defining the sales process

STEP TWO

A sales process is simply a series of tasks that helps a company’s product reach its users.

Sales Strategy: Defining your sales process

Although it has a simple definition,a sales process can be very complex. In order to manage it, you need the right tools.

Break down your sales process with a Sales Pipeline

Also known as a sales funnel, A sales pipeline is a visual sequence of activities to achieve with each prospect, from the initial lead to the closing of the deal.

What’s a sales pipeline?

Your pipeline will:• Break down your sales

process• Help you complete the

actions that help close deals• Keep you organized, focused

and on top of conversion

Sales Analysis: Reporting

STEP THREE

Sales Analysis: Reporting

Reporting allows you to understand how your current efforts measure up and affect your company’s overall success. By conducting thorough sales reporting, you’ll gain insight into which efforts work, which do not, and which actions can be completed to improve. Whether it’s hiring more salespeople, making more calls or doing more demos, reporting reveals all.

Sales Analysis: Reporting

Report using sales metrics, or quantifiable indicators, that tell you how each aspect of your sales operations is performing and whether you are achieving your targets.

• Number of deals in your funnel• Average size of a deal in your funnel• Close ratio, or average percentage

of deals that get won• Sales velocity, or average deal

lifetime before it is won

With a standard sales pipeline, you will be able to report on:

Collecting data will allow you to find your idealcustomer, reach them, serve them faster.

Who benefits from sales management

?

EVERYONE!

The more the manager adapts and improves it over time – the more salespeople will achieve top performance, offering the best experiences for customers.

Benefits for Sales Managers  A sales manager benefits by gaining vision into the company’s future. He or she oversees a company’s operations, and can discover which segments need the most attention. They’ll have a clearer vision of where they stand amongst their competition, and be able to efficiently coach their team to success.

Benefits for Salespeople

A salesperson, one who is usually in direct contact with a potential customer, whether in person or over the phone, is able to reach more customers and engage more, which will allow them to win more deals.

With a sales pipeline and proper management, a salesperson will also gain more confidence and control over the complex sales process. And like the sales manager, it will give the salesperson greater visibility into their work.

Benefits for Sales Managers  A sales manager benefits by gaining vision into the company’s future. He or she oversees a company’s operations, and can discover which segments need the most attention. They’ll have a clearer vision of where they stand amongst their competition, and be able to efficiently coach their team to success.

Benefits for Customers

The customer will inevitably have a better experience and be more inclined to benefit from your company and purchase your product or services with an effective sales management process. They may even spread the word. With all of these parts working well together, a company can set themselves up for success, especially against their competitors.

Technology-enabled management method(s)

To gain a clear view of your sales management process, you need a well-managed sales funnel. A sales funnel provides a clear view of the opportunities available to a sales team, accurately showing the revenue the team is going to make in the months ahead.

While some people initially opt for excel spreadsheets and sticky notes – any documentation is a great start – a CRM, or customer relationship management tool, will allow you to grasp better control over your assets and be able to pinpoint and measure the things that matter most to your company’s success.

CRM: Customer Relationship Management

Picking a CRM: What You Should Consider

Find a tool that’ll help you master your selling process – and make sure that no deal will fall through the cracks.

Some things to ask yourself before purchasing a CRM: Is it easy to learn and use? How can I customize it to fit my needs? Are there cross-platform integrations? Will it notify me when I need to take action? Does it offer good sales reporting? Is it mobile? Can I access it everywhere?

Sales Management: Tips and Tricks

Tips and Tricks!

Your sales process should be simple and save you time – and the more you put in, the more you get out.

For example, the more deals you’re able to drive through your pipeline, the bigger they are, the better the percentage of them you are able to close, and the less time it takes to get a customer. As a result, the bigger your revenue and your profit.

Tips and Tricks!

For busy salespeople, apps such as Evernote, Any.do, Audible, Downcast, e-readers, Pocket, CRMs, Scanner Pro, Calendars 5 and Waze will help ease the process of managing your deals.

Also, sales managers can work with a content team to develop content marketing material, or articles that build value around their product or service, to make it easier for the salespeople to sell. After all, selling is an ongoing process. Most people don’t buy right away.

Tips and Tricks!

Just as some companies consider starting off with trials or testers to make the purchase more attainable, content can do the same, especially if it addresses a problem or issue that the customer has.

And it’s best to have a content team within the company; the more intimate they are with the product, the better than can bring insight to potential customers. Great content is more likely to move consumers further along the sales cycle than a salesperson alone would – in fact, great content is what often makes the introduction.

Sales Management: Resources

Sales Management: Resources

Planning is a vital part of taking any type of action to achieve the best results. There are endless resources that will help you get started and guide you as you build your team and as your company grows.

If you’re interested in becoming a sales manager, or a better sales manager, it’s important that you first understand the importance of the sales management process, including the planning and goal setting that comes along with it. 

Careers:

There are quite a few sales management jobs, but they all hold similar responsibilities – refining the sales process and making sure the company moves in a forward direction to hit its goals.

Those who manage sales can be anyone from a director of sales, district sales manager, general manager, regional sales manager, sales and marketing vice president, sales supervisor, and a vice president of sales. Some of the titles may even be interchangeable depending on the size and structure of your company.

Sales managers can come from a variety of backgrounds. Some may start off as sales representatives and work their way up, and some come from totally unrelated fields, but it’s most important that a sales manager has a strong skillset in communication and organization and other traits.

Salaries:A sales manager’s salary will vary depending on the type of business and the geographical location, as with many other jobs.

Next Steps:

Ready to learn more? There’s plenty to learn and work on.

Sales Glossary:• Activity-based selling – The theory that you can close more deals by focusing on the activities you can control,

such as the number of calls or appointments made, rather than focusing on results, or making a certain amount of money in sales.

• Close/closing – Bringing a prospect to a final buying decision.

• Close ratio – Number of deals you close compared to the number of deals you have presented.

• Cold calling – Getting in contact with a potential customer with no prior contact or relationship in hopes of setting up an appointment of informing them about your product or service.

• Conversion – The act of turning a prospect into a customer.

• Customer relationship management (CRM) – A tool or software to manage your customer relationships and sales pipeline.

• Deal – An agreement to meet or take action with a prospect.

• Demo – A sales presentation of your product or service.

• Lead – Anyone who could potentially be a customer.

• Marketing – The act of promoting your product or service.

Sales Glossary:• Metrics – A collection of individual and organizational performance indicators and ratios calculated from

collected data that describe a company’s historical and ongoing sales processes.

• Product – Something made to be sold to a consumer.

• Prospect – A potential customer or person who may be interested in a company’s product or service.

• Quota – A fixed share of something that a person or group is entitled to achieve or contribute to.

• Retention rate – The percentage of customers who stay.

• Revenue – A company’s income or earnings.

• Sales cycle – The series of predictable phases required to sell a product or a service. Sales cycles can vary greatly among organizations, products and services, and no one sale will be exactly the same.

• Sales force – Division of a business responsible for selling products or services.

• Sales funnel (or pipeline) – A systematic and visual approach to selling a product or service. The sales pipeline is helpful in showing you exactly where the money is in your sales process.

Sales Glossary:• Sales management – The process of developing and coordinating a sales team.

• Sales management planning – Process of thinking and organizing activities to achieve a desired goal.

• Sales management process – Steps taken to attain a company’s objectives.

• Sales management strategy – A method to bring about a desired outcome.

• Sales manager – Someone who’s responsible for managing salespeople and overseeing a company’s sales process.

• Salesperson – Someone who typically works directly with customers to inform them and sell a product while providing customer service.

• Sales reporting – The documentation of a company’s activities.

• Sales targets – Objectives or goals for a salespeople or company.

• Sales velocity – Time it takes for a new deal to close, from the initial contact.

• Service – An action performed to satisfy a customer’s need or problem.

Sales Management Definition, Process, Strategies and Resources

Read original sales management strategy article here.